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Corporate Laws Central Ministry of Finance Securities and Exchange Board of India Act, 1992

NSE - List of violations and Disciplinary Action on Authorised Person observed during Inspection

10-Oct-2025 | NSE/INSP/ 70751

NSE has issued a circular on the List of violations and Disciplinary Action on Authorised Person observed during Inspection.

By virtue of this circular, NSE has informed regarding the categorisation of areas of violations and their indicative disciplinary actions to be applied by Trading Members against their Authorised Persons (APs) in cases of non-compliance identified during AP inspections after considering the nature and significance of the non-compliance observed.

The Areas of violations and indicative action are specified in the manner specified below:
a. For Violation Category A, the indicative action will be Termination on Disciplinary grounds,
b. For Violation Category B, the indicative action will be Issuance of a warning Letter, and
c. For Violation Category C, the indicative action will be Issuance of an Advisory Letter.

The categorisation of areas of violations and their indicative disciplinary actions is specified by the Exchanges jointly.

Further, the detailed list of inspection areas and their categorisation is attached as Annexure A.

Kindly refer to the attached document for more information.

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